2 Guys Loans minimum loan amount is $100. Our maximum loan is $1500. A new, first time customer only qualifies for up to $500 on a Personal Signature Loan and up to $600 on an Installment Loan. Great customers who have a history with 2 Guys can qualify for as much as $1500.
Ultimately, the loan amount for which you qualify is based on your income, current and past employment, ability to pay, current monthly obligations, past credit history, and banking history. Each loan is qualified for individually, and not necessarily influenced by previous loans with our company. We love to make friends for life so we strive to treat you right—whether it’s your first 2 Guys Loan or your tenth!
Loan Cost, Fees, APR
The fee table shown above is reflective only of Personal Signature Loans in Utah. You’ll typically pay $14 per $100 borrowed. The initial term of a Personal Signature Loan can vary from 10 to 20 days, based on your paycheck cycle. The Annual Percentage Rate (APR) of your Personal Signature Loan is based on the amount of time you have the money out. The sooner you pay it back, the lower your APR. For example, your APR can range from 196% to 486%, all depending on how long you initially have possession of the loan funds before paying them back. Our average loan APR is about 365%.
The APR of an Installment Loan is figured much differently than a Personal Signature Loan. 2 Guys Loans offers an APR of 296% on our Installment Loans. Repayment of your loan is split into a pre-determined number of equal payments. The amount of your payment is calculated based on: the amount you borrow, the frequency of your payments, and when you make your first payment. Please call us with questions; we are always willing to explain it over the phone!
We encourage everyone to pay back their loans early, or at least make extra payments along the way—it’s the best way to save money, save interest, and lower your APR. We want to be your friend in this crazy financial world, so we do our best to keep your loan affordable. Do your part—make your payments, communicate well with us, and you’ll get the best dang loan you’ve ever had! Please remember that short-term loans are not intended for recurring or long-term expenses. Use them wisely and only when you have exhausted your other options!
Right to Cancel your Loan
You have the right to cancel your Personal Signature or Installment Loan on, or before the next business day at 5pm MST. You have the responsibility of calling or emailing us written notice of your desire to cancel before 5pm. For example: If you get your “Loan Approved!” email anytime on a Tuesday, you’ll have until Wednesday at 5pm MST to cancel.
It is vital to call and talk to a team member of 2 Guys Loans, or send an email request, in order to complete your cancellation. We will do all we can, within reason, to honor timely and properly submitted requests. Because your loan will not go the full term outlined in your contract, we must have permission to take the loan monies back out of your bank account.
If we do not receive notice prior to 5pm MST the next business day, we will assume you have accepted your loan and the full measure of the loan contract, including the fees, rates, and dates set forth.
APR and Fee Schedule
Please refer to the table above for example of fees and APRs based on different loan amounts.
Loan Extensions – Please READ COMPLETELY if you are considering a loan extension
If you’d like to extend the payment date of your loan to a future date you may do so. We do not automatically extend your loan if you aren’t able to pay it off on the agreed to date. We do not automatically extend if you don’t have enough funds in your bank account to cover your payment.
We MUST get an extension request from you.
We need to have your loan extension request before 5:00 pm MST on the business day BEFORE your loan is due. We require this in order to allow us time to adjust transactions before our daily bank deadline. After 5:00 pm, we cannot reverse the transaction—not because we don’t want to help you, but because the bank locks. The bank will not reverse transactions after 5:00 pm MST!
As always, you may make partial payments on your outstanding balance at any time. In fact, we encourage you to make partial payments because it will lower your principal due and, in turn, the interest you’ll pay.
According to law in the State of Utah, the maximum number of times you can extend the same loan is 4. The total duration of any individual loan, including extensions, cannot exceed 70 days from the date of origination.